12th Jul 2016 08:23
LONDON (Alliance News) - African agriculture and forestry company Obtala Resources PLC on Tuesday said it has secured a sales agency agreement for its agricultural arm.
Obtala entered a joint venture with Asian trading firm Basic Materials Ltd earlier this year under which Basic will market and sell Obtala's timber products outside Mozambique.
The pair have now entered into an additional agreement covering Obtala's agricultural produce.
No financial details on the agreement were disclosed.
"We expect this relationship to accelerate the development our agriculture business, as it doing with our forestry assets. The existing partnership with an international trading company remains in place and we continue to work with them to establish customers in the European and the Middle Eastern markets, and we continue to assess the viability of establishing of a banana plantation in partnership with them," said Obtala Chairman Miles Pelham.
Shares in Obtala were flat at 9.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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